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Protecting the nation's electric grid from cyber attacks is imperative, but a lack of standards and a designated federal agency to handle the issue could hamper progress, according to a new study.

"With rapidly expanding connectivity and rapidly evolving threats, making the grid invulnerable to cyber events is impossible, [but] improving resilience to attacks and reducing the impact of attacks are important," according to the Massachusetts Institute of Technology (MIT).

The 268-page report focuses on the future of the electric grid, with a chapter on cybersecurity efforts.

"Much as cybersecurity was not a key factor in the design of the Internet, cybersecurity has not been a high priority—until recently—in designing grid components," researchers concluded.

It's not cheap to secure the grid, however. A 2011 report from the Electric Power Research Institute (EPRI) estimated that it would take at least $3.7 billion to secure grid cybersecurity. Trouble is, "the probability of a serious event is still very low," so it's difficult to get businesses to invest in grid cyber efforts.

That could change as more and more devices come on to the grid, and consumers turn to generating their own electricity via fuel cells, wind turbines, solar roofs, and the like.